Current Affairs Update – 7-9 October, 2017

Hello and welcome to exampundit. Here are the Important Current Affairs of 7,8 & 9 October, 2017. These are very important for the upcoming IBPS PO, IBPS RRB, OICL AO, UIIC Assistant & NICL Assistant Exams.

According to the new guidelines,
no NBFC can start or carry on the business of a P2P lending platform without
attaining a Certificate of Registration from now onwards.

Every company/ firms looking for
registration with the bank as an NBFC-P2P need to have a net owned funds of not
less than 20 million rupees or such higher amount as the RBI may specify.

As per the RBI guidelines, the
existing NBFC-P2Ps have to apply for registration as NBFC-P2Ps within 3 months.
However, this may bring good news for these NBFC-P2P because there are only a
few players already in the market.

These guidelines issued by Reserve
Bank of India will be known as the Non-Banking Financial Company – Peer to Peer
Lending Platform and will come into force with immediate effect.

Functions of NBFC-P2P

An NBFC-P2P undertakes the
following activities inter-alia:

provide an online
platform to members involved in P2P lending.

Cannot lend on
its own.

Cannot hold its
own balance sheet of funds received from lenders or funds given to borrowers

NBFC-P2P can’t
cross-sell products.

Guidelines for lenders and
borrowers

A lender can’t
lend more than Rs 10 lakh to all borrowers at any point of time across all P2Ps

Borrowers can’t
borrow more than Rs 10 lakh from all lenders at any point of time across all
P2Ps

Not more than
Rs 50,000 can be borrowed from single lender to the same borrower, across all
P2Ps.

The maturity of
the loans shall not exceed 36 months.

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Finance Ministry makes Aadhaar
mandatory for small saving schemes

The Union Government has made the
biometric identification, Aadhaar mandatory for all post office deposits, PPF,
the National Savings Certificate scheme and Kisan Vikas Patra.

The information was shared by the
Finance Ministry through four separate Gazette notifications. The identity card
would now be a must for opening all post office deposit accounts, Public
Provident Fund, National Savings Certificate scheme and Kisan Vikas Patra
deposits.

The government has given time to
the existing depositors who have not provided Aadhaar number at the time of
application for such deposit to submit their Aadhaar number to the post office
savings bank or deposit office concerned, on or before 31 December 2017.

The government has insisted on
quoting Aadhaar for bank deposits, obtaining mobile phone and several other
utilities to weed out benami deals and black money.

News related to India & states

Drop Muslim and Hindu from names
of BHU, AMU: UGC Panel

A UGC panel has recommended that
Hindu and Muslim word in the names of universities- BHU- Banaras Hindu University
and AMU- Aligarh Muslim University, do not echo their secular spirit and should
be dropped.

The UGC panel was created to
investigate the suspected irregularities in ten central universities and the
suggestions have been made in the audit report of AMU.

All the centrally funded
universities are secular organizations but such words related to religion in
their names do not reflect that nature.

The panel recommended that the
universities can be simply called Aligarh University and Banaras University or
be renamed after their founders.

The panel’s directive was limited
to infrastructure and its research, academic and financial process in these universities.

The Ministry of Culture,
Government of India and Archaeological Survey of India (ASI) in partnership
with NGS-National Geographic Society is hosting an international conference on
“Dialogue of Civilizations – IV” from 8th – 15th October, 2017 at Delhi,
Gandhinagar and Dholavira.

This conference is 4th in this
series of ‘dialogues’ initiated by NGS in 2013 with a purpose to promote
scholarly and public dialogue about the five ancient, literate civilizations of
the world, i.e. Egypt, China, Mesopotamia, South Asia and Mesoamerica and how
the study of the past can share our present and future towards the right
direction.

In 2013, 1st conference of this
series was launched in Guatemala followed by Turkey in 2014 and China in
2015. The present convention is the 4th
in this series, with the concluding dialogue planned in Egypt.

The inaugural function was
followed by a lecture by various renowned experts on various topics ranging
from Harappan civilization to Aryan envasion.

The campaign called the
Intensified Mission Indradhanush (IMI), aims to reach every child below the age
of two years and pregnant women still uncovered under the routine immunisation
programme.

The main objective behind this
mission is to ensure no child suffers from any vaccine- preventable disease.

Under the mission, a 7-day
immunisation drive will be conducted each month starting immediately till
January 2018 in 173 districts and 17 cities.

These districts include 52 in
eight north-eastern states and 121 in 16 other states

The programme will cover low
performing areas in the selected districts and cities.

It will focus on improving
immunisation coverage in the districts and cities to ensure 90 per cent
coverage for full immunisation by December 2018 instead of 2020.

The programme would be supported
by 12 ministries and departments and would be monitored by the Cabinet
Secretary at the national level.

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India-South Africa Twenty Years
of Strategic Partnership

India and South Africa are
celebrating 20-years of strategic corporation this year. Dr. Harsh Vardhan-
Union Minister for S&T and Earth Sciences, Environment, Forests &
Climate Change, attended the celebrations of the collaboration in science and
technology in Durban.

Inter-governmental accord on
cooperation in the field of Science & Technology was completed in the year
1995. Since then the S&T collaboration has gradually evolved as an
important support in the India-South Africa strategic partnership based on
mutual trust, warmness and friendship.

So far, the collaboration has
been concentrated on chosen areas like Astronomy & Astrophysics, Indigenous
Knowledge System, Agriculture Sciences, Green Chemistry, and Health Sciences where both nations have
complementary strengths.

President to Inaugurate 5th India
Water Week 2017

Indian President Ram Nath Kovind
would be inaugurating the India Water Week – 2017 on 10 October 2017 in New
Delhi.

The 5-day international event
would be attended by over 1500 delegates from India and 13 other countries. The
main theme of the event is ‘Water and Energy for Inclusive Growth’.

This year would be India Water
Week’s (IWW) fifth edition.

It will be celebrated with a
multi disciplinary conference and a concurrently running exhibition.

The exhibition, while enriching
the theme would showcase the technologies and solutions available for the areas
under deliberation of the meet.

Awards & Honors

Richard Thaler awarded Economics
Nobel for Behavioral Economics

Richard H. Thaler from University
of Chicago has been awarded the 2017 Nobel Prize in Economics for his contributions
to Behavioral Economics.

Richard Thaler has integrated
psychologically realistic assumptions into analyses of economic decision-making.
His pioneer work to bridge the gap between economics and psychology won him the
Nobel Economics Prize.

He has proved how some of the
individual traits like limited rationality, social preferences, and lack of
self control systematically affect individual decisions as well as market
outcomes.

Thaler’s pragmatic findings and
theoretical insights have been influential in creating the new and rapidly
expanding field of behavioural economics, which has had a deep impact on many
areas of economic study and policy.

Gauri Lankesh to receive Anna
Politkovskaya Award posthumously

Gauri Lankesh,
activist-journalist from Karnataka, who was shot dead in September 2017, will
be posthumously conferred the Reach All Women in WAR (RAW in WAR) Anna
Politkovskaya Award 2017.

With this, the journalist becomes
the first-ever Indian to receive the honour. She would be sharing the award
with a Pakistani peace activist, Gulalai Ismail, who has faced death threats
for speaking out against the Taliban.

She was the founder-editor of the
Gauri Lankesh Patrike.

Lankesh also worked as an editor
in Lankesh Patrike, a Kannada weekly started by her father P Lankesh.

She was known to be an
anti-establishment voice and a strident critic of religious extremism.

She was fired at outside her home
in Bengaluru on the evening of 5 September 2017.

Appointments

PNB MetLife appoints Ashish Srivastava
as MD&CEO

PNB MetLife India Insurance
Company Ltd (PNB MetLife), a life insurer, has a new Managing Director &
Chief Executive Officer in Ashish Srivastava. He would be responsible for
leading all aspects of the business in the country.

Prior to this elevation,
Srivastava was an interim CEO at PNB MetLife.

Srivastava joined PNB MetLife in
2013 as the Head of HR for the India business, and moved to Dubai in 2015,
joining the MetLife Middle East & Africa (MEA) management team. Effective
January 2017, he has been in India managing the India business. Prior to
joining PNB MetLife, Srivastava was a board member at Canara HSBC Oriental Life
Insurance Company.

An industry veteran of nearly 25
years, Srivastava has extensive experience in multiple disciplines, including
strategy, human resources, project management and operations, infrastructure,
administration and communications.

Sports News

Rafael Nadal beats Nick Kyrgios
to win 6th ATP title of 2017

Rafael Nadal on 8 October 2017
beat Nick Kyrgios of Australia in straight sets of 6-2, 6-1 in the China Open
final to win his sixth ATP title of 2017.

In the women’s event, France’s
Caroline Garcia also defeated world no.1 Simona Halep from Romania in straight
sets of 6-4, 7-6 (3).

Top-ranked Nadal, who was tied
with Roger Federer and Alexander Zverev at five titles this season, surpassed
them with the win in Beijing. This is his 75th career singles trophy.

Garcia on the other hand, who had
lost to Halep previous two times they played against each other, won her second
consecutive WTA title. With this win, she has now climbed up 6 spots from the
15th rank to the 9th in the latest WTA singles rankings list, making her debut
entry in the top-10.

The win was also Nadal’s 2nd
consecutive hard court title after losing his last 8 consecutive hard court
finals. It is also his 2nd title at Beijing following his 2005 win. He has
reached the finals of China Open title four times.